In a firm move to restore fiscal discipline across the public sector, Dr. Michael Kpessa-Whyte, Director General of the State Interests and Governance Authority (SIGA), has issued a stern warning to State-Owned Enterprises (SOEs) that continue to pay out bonuses despite recorded losses.
Speaking during the 2026 SIGA Annual Stakeholder Conference, Dr. Kpessa-Whyte characterized the practice as both a violation of state directives and a departure from basic commercial logic.
The Director General emphasized that SIGA now maintains a granular view of the financial health of all specified entities, tracking every revenue and expenditure line. He noted that while the government encourages performance-based incentives, such rewards are strictly tied to meeting specific benchmarks outlined in signed performance contracts. He argued that in the private sector, no business owner would reward themselves while their books are in the red, and the state should be held to the same standard.
Reinforcing the stance taken by the Ministry of Finance, Dr. Kpessa-Whyte stated that unauthorized board allowances and bonus payments in the absence of profit must stop with immediate effect.
He described these measures as essential to SIGA’s broader mandate of protecting the public purse and ensuring that state entities transition from being financial liabilities to profitable national assets.
Beyond financial rewards, the SIGA boss raised concerns regarding statutory reporting. He reminded heads of institutions that under the Public Financial Management Act, the submission of unaudited financial statements by the end of February and audited statements by April 30th are non-negotiable legal requirements.
According to the Director General, a report has already been submitted to the Presidency listing entities that failed to meet the February deadline, noting that such delays are clear indicators of weak compliance.
Dr. Kpessa-Whyte concluded by noting that these submissions are not merely a formality but are the very metrics used to assess and reward entities at the Public Enterprises League Table (PELT) Awards.
He maintained that while the authority is ready to celebrate and reward excellence, there will be inevitable consequences for those who flout the law and continue to prioritize personal gain over national economic priorities.
Source: Eugenia Ewoenam Osei
